Weekly round-up: Global billet market remains lacklustre, except Iran

• Iran witnesses conclusion of export tender
  
  
• South-east Asian market sees lower buying interest
  
  

Global billet market remained lacklustre this week. Mostly billet prices remained at same levels except China. Notably, Iran witnessed an export tender conclusion this week keeping billet prices at the same level.

Meanwhile, Turkish steel producers remained silent in the deep-sea scrap import markets after securing two deals this week, attributed to poor finished steel demand. The two deals were heard on 14 May, with a steel mill clinching a bulk deal at $377/t. Additionally, from the Marmara region, a European cargo comprising an undisclosed volume of HMS (75:25) was booked at $375/t, with bonus scrap at $400/t CFR. Due to the lack of fresh trading activity, the daily scrap indices remained unchanged throughout the week.

Market highlights:

• SE Asia billet import offers stable w-o-w: The Southeast Asian imported billet market remained silent due to lower buying interest. Meanwhile, billet prices were recorded at a similar level compared to last week. Absence of billet tenders has been witnessed. According to sources, billet import offers remained at same levels w-o-w at $525-530/t CFR Manila. In addition, bids are below $520/t CFR Manila.
  
  
• Iranian billet export prices stay supported: Iranian billet offers remained stable this week. According to BigMint assessment, billet prices stood at $478/t FOB. An Iranian mill has concluded an export tender of 30,000 t of billets at $478/t FOB, sources informed BigMint. The shipment is scheduled for the month of June.
  
  
• Vietnam's billet export offers for IF were recorded at the same levels of around $515-520/t FOB Vietnam this week.
  
  
• Thailand's imported billet offers declined at the range of $525-530/t CFR Thailand this week.
  
  
• China's steel billet prices edge up w-o-w: Billet prices in Tangshan edged up by RMB 40/t ($5/t) w-o-w to RMB 3,500/t ($484/t) on 17 May, 2024 against 10 May. Prices include 13% VAT. Volatility in finished steel prices and rise in rebar future prices kept supporting billet prices. SHFE rebar futures (October, 2024 delivery) increased by RMB 54/t ($7/t) w-o-w to RMB 3,716/t ($514/t) on 17 May, 2024.